Pastor Pleads Guilty to $5 Million Ponzi Scheme

Federal law enforcement agents have announced that Pastor Charles Lawrence Kennedy, Jr., of Tampa, Florida, pleaded guilty to one count of wire fraud before United States District Court Judge Christine M. Arguello. Kennedy was indicted by a federal grand jury in March along with co-defendants Stanley Wayne Anderson, and Edwin Alexander Smith Smith previously pleaded guilty to one count of wire fraud earlier this year and Anderson’s trial is scheduled for January 14, 2014.

According to the indictment, Kennedy, Anderson, and Smith raised approximately $5 million dollars from at least 100 investors during a Ponzi scheme that ran from October 2005 through December 2008. Kennedy solicited investments from fellow pastors and members of their congregations through his company Keys to Life Corporation. The investors were promised for every $1,000 invested, the minimum return would be $1 million, which would be paid within 90 days. Most of the money was instead used for personal belongings and expenses with only small portion being used to pay the original investors.

“The defendant’s abuse of his position of trust led to 100 people losing their hard-earned money, for which the defendant will now face the consequences.” said U.S. Attorney John Walsh

Charles Lawrence Kennedy Jr., 71, is free on bond and his sentencing hearing has been scheduled for January 22, 2014 before Judge Arguello.

The case the Federal Bureau of Investigation, the Internal Revenue Service-Criminal Investigation, and the United States Postal Inspection was investigated by Services. United States Attorney Timothy Neff prosecuted the case.

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